In preparing the Financial Statements, Management is responsible
for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and us-
ing the going concern basis of accounting in preparing the Finan-
cial Statements unless Management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but
to do so.
circum-stances, we determine that a matter should not be commu-
nicated in our Independent Auditor’s Report because the adverse
consequences of doing so would reasonably be expected to out-
weigh the public interest benefits of such communication
REPORT ON COMPLIANCE WITH THE ESEF REGULATION
Auditor’s Responsibilities for the Financial Statements
Our objectives are to obtain reasonable assurance about whether
the Financial Statements as a whole are free from material mis-
statement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable
in Den-mark will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are con-
sidered material if, individually or in the aggregate, they could rea-
sonably be ex-pected to influence the economic decisions of users
taken on the basis of these Financial Statements.
As part of our audit of the Financial Statements of RIAS A/S we
performed procedures to express an opinion on whether the annual
report for the financial year 1 October 2023 to 30 September 2024
with the file name RIAS-2024-09-30-en.xhtml is prepared, in all
material respects, in compliance with the Commission Delegated
Regulation (EU) 2019/815 on the European Single Electronic For-
mat (ESEF Regulation) which includes requirements related to the
preparation of the annual report in XHTML format and iXBRL tag-
ging of the Financial Statements.
Management is responsible for preparing an annual report that
complies with the ESEF Regulation. This responsibility includes:
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags, includ-
ing extensions to the ESEF tax-onomy and the anchoring thereof
to elements in the taxonomy, for financial information re-quired
to be tagged using judgement where necessary;
As part of an audit conducted in accordance with ISAs and the ad-
ditional requirements applicable in Denmark, we exercise profes-
sional judgment and maintain professional skepticism throughout
the audit.
• Ensuring consistency between iXBRL tagged data and the Finan-
cial Statements presented in human readable format; and
• For such internal control as Management determines necessary
to enable the preparation of an annual report that is compliant
with the ESEF Regulation.
We also:
• Identify and assess the risks of material misstatement of the
Financial Statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and ob-tain
audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one re-sulting from error as
fraud may involve collusion, forgery, intentional omissions, misrep-
re-sentations, or the override of internal control.
Our responsibility is to obtain reasonable assurance on whether the
annual report is prepared, in all material respects, in compliance
with the ESEF Regulation based on the evidence we have obtained,
and to issue a report that includes our opinion. The nature, timing
and extent of procedures selected depend on the auditor’s judge-
ment, including the assessment of the risks of material departures
from the requirements set out in the ESEF Regulation, whether due
to fraud or error. The procedures in-clude:
• Obtain an understanding of internal control relevant to the audit
in order to design audit pro-cedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of account-ing estimates and related disclosures
made by Management.
• Testing whether the annual report is prepared in XHTML format;
• Obtaining an understanding of the company’s iXBRL tagging pro
cess and of internal control over the tagging process;
• Evaluating the completeness of the iXBRL tagging of the Financial
Statements;
• Evaluating the appropriateness of the company’s use of iXBRL
elements selected from the ESEF taxonomy and the creation of
extension elements where no suitable element in the ESEF taxon-
omy has been identified;
• Evaluating the use of anchoring of extension elements to ele-
ments in the ESEF taxonomy; and
• Reconciling the iXBRL tagged data with the audited Financial
Statements.
• Conclude on the appropriateness of Management’s use of the go-
ing concern basis of account-ing in preparing the Financial State-
ments and, based on the audit evidence obtained, whether a
materialuncertaintyexistsrelatedtoeventsorconditionsthatmay
cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncer-tainty ex-
ists, we are required to draw attention in our auditor’s report to
the related disclo-sures in the Financial Statements or, if such
disclosures are inadequate, to modify our opin-ion. Our conclu-
sions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the
Financial Statements, includ-ing the disclosures, and whether
the Financial Statements represent the underlying transactions
and events in a manner that gives a true and fair view.
In our opinion, the annual report of RIAS A/S for the financial year 1
October 2023 to 30 September 2024 with the file name RIAS-2024-
09-30-en.xhtml is prepared, in all material respects, in compliance
with the ESEF Regulation.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
Roskilde, 11 December 2024
Ferass Hamade
BDO Statsautoriseret revisionsaktieselskab
State Authorised Public Accountant
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regard-
ing independence, and to communicate them all relationships and
other matters that may reasonably thought to bear on our inde-
pendence, and where applicable, actions taken to eliminate threats
or safeguards applied.
CVR no. 20 22 26 70
MNE no. mne35441
From the matters communicated with those charged with govern-
ance, we determine those matters that were of most significance in
the audit of the Financial Statements of the current period and are
therefore the key audit matters. We describe these matters in our
Independent Auditor’s Report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare
RIAS Annual Report 2023/24 47
